About Jammu and Kashmir Bank Mumbai

Jammu and Kashmir were set up in the year 1938 and became operational in the year 1939. The bank was formed under the letters patent issued by Maharaja Hari Singh. It was the letter which sent the invitation to the eminent people and dignitaries to invest in the company and become the directors and shareholders. The bank was called as the Semi- government bank as it was set up with the capital money invested by the government and people who were under the control of the government. The main reason to open the branch was to provide the financial solution to the people of Jammu and Kashmir. The bank had to suffer a lot of financial loss when two of the branches along with the cash and other assets fell on the other side of the border.

After the introduction of the central laws in the states, the bank was considered as the government property due to the Indian companies act,1956. The bank was one of the scheduled banks which earned the A-class status in the year 1976. The bank has now spread its network in the entire country. The bank has the total of 865 branches and 1035 ATMs in the entire country. The bank aims to offer the international quality of banking products and services to its customer. The mission of the bank is to catalyze the economic transformation and capitalize the growth. The main vision of the bank is to become the super specialty bank for the people of the country.

Products Offered by Jammu and Kashmir Bank in Mumbai

Jammu and Kashmir bank provides the wide range of the products and services that helps the customer to fulfill their financial goals and requirements. It offers the products like the Insurance, Mutual fund and deposits that grow the money. The loan products includes the home loan, personal loan, loan against property, car loan and education loan.

Basic details about Jammu and Kashmir products

Product

Eligibility

Loan Amount

Interest Rate

Processing Fee

Tenure

Personal loan

The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity.The minimum net annual income of the applicant should be ₹ 3,00,000 per annum.The minimum work experience should at least be 2 years. The applicant should have the minimum of 1year work experience with the current organization. 1 year relationship with the bank.

₹1.50 lakh

12.30% - 14.30%

1% of the loan amount + service tax (as applicable)

36 months

Home loan

The applicant should be at least 18 years of age at the time of application and the maximum age should be at least 70 years at the time of loan maturity.

The applicant should be salaried individual working in the state or central government,PSU’s, reputed companies, self- employed, professional, businessman,and retired individual of state/central government or Public sector undertaking.

The applicant can be the person engaged in the agricultural and allied activities.

The minimum work experience should at least be 3 years of service for the salaried individual and for the self- employed minimum 3 years of service in the current business or profession.

For construction- Up to 36 times of the net salary.

For purchase of land- Maximum up to ₹ 50 lakh or 60% of the total cost of the land whichever is less.

For repairs & renovations - Up to ₹ 25 lacs

8.55% - 9.00%

0.25% of the loan amount

30 years

Education loan

The student should be the resident of India.Should have secured the admission through entrance exam/ merit based selection.The student should have the guarantor/ collateral.

For India:₹ 10 lakhFor abroad: ₹ 20 lakh

10.40% - 11.65%

Nil

Moratorium: course period + 1 year 0r 6 months after getting the job.

Up to the period of 15 years after moratorium period.

Car loan

The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity.

The minimum net annual income of the applicantshould be ₹ 3,00,000 per annum for salaried

The minimum net annual income should be ₹ 4,00,000 for the professional and person active in agricultural and allied activities.

For others the minimum annual net income should be ₹ 5,00,000

The applicant should have at least 1 year of work experience at the current employment.

36 times of the net monthly salary or 3 times net annual income.

For contract private employee and retired pensioners- 24 times of the monthly salary or 2 times net annual income

The documents required by the individual, Hindu undivided family, and sole proprietorship at the time of applying for the fixed deposit areA coloured photographPassport/ Driving LicenseLast six months bank account details

Documents required from the trust, association/ clubs for the fixed deposit are as followPhotographs of the member operating the account.A Copy of the Trust Deed/ Bye- laws of the association.A Copy of registration certificate.A Copy of the resolution of trustee authorizing the member to operate and open the accounts.

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